The annual Non-concessional Contributions (NCC) cap for 2017-18 is reduced to $100,000 from $180,000 in 2016-17 and 2015-16 financial year. The annual Non-concessional Contributions cap is four times the annual concessional contributions cap. (100,000=4*25,000) An individual must have a total superannuation balance of less than the general transfer cap on 30 June of the previous […]
The Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 was passed on 3rd March 2015 to allow refund of excess non-concessional contributions. Summary of the new rule In the 2014-2015 Budget, the Government announced that it would allow individuals the option of withdrawing excess non-concessional contributions made from 1 July 2013 and […]
Excess Contributions Tax – Sutton and Commissioner of Taxation [2013] AATA 661 The Administrative Appeals Tribunal (AAT) has upheld a decision by the Commissioner of Taxation that a taxpayer exceeded the non-concessional contributions cap in the 2010/11 financial year. In 2010/11 the taxpayer lodged a ‘Notice of intent to claim a tax deduction’ of $50,000 […]
As a part of the Government’s reforms announced on the 5th April 2013, it was proposed that any excess concessional contributions will be taxed at the individual’s marginal tax rate. On 29 June 2013 the bills (Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 and the Superannuation (Excess Concessional Contributions Charge) Bill […]
On 28 June 2013, the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013) and the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 which give effect to this measure received royal assent. Previously, a 15% flat tax on concessional contributions (paid by the receiving superannuation fund) provides high […]
In the 2011-2012 Federal Budget the government announced that from 1 July 2011, individuals who breach the concessional contributions cap by $10,000 or less can request the excess contributions be withdrawn from their super fund and refunded to them. Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 which received royal assent on […]
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